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Report on Crescent Textile Mills Limited Faisalabad
Managerial strategyMarketing strategyMarketing activitiesDepartmentsFinance dep.Purchase dep.Export dep.MAIN STORETime officeHRMFinancial analysisIncome statementBalance sheetRatio analysisSWOT analysisFindingsSuggestionsConclusionPreface
Internship is an integral part of MBA program, because it gives us the practical knowledge of what we have learnt during our study period. This report is written to fulfill the requirement of MBA degree.
Trading keeps much importance in human life. This practice started when the human beings thought to live together in the formal way. Small groups of people came together and small colonies were established. This change in living style started exchange of the things. So when the first thing was exchanged the trade was come into being.
Now a day the business environment keeps on changing everywhere. New dimensions of business are coming before us. These dramatic and dynamic changes in business world require the specialties about the all aspects of business of today. Because of these requirements, business knowledge become important and business education becomes the need of time. Only he person with latest knowledge can survive in this vast field.
But practical knowledge is also necessary along with the theoretical
knowledge. This made the internship an integral part of MBA. One can see how
the theories and knowledge are being practically implemented. This report is about
Crescent Textile Mills Ltd. I did my internship here for 6 weeks and this report
carries the information about history, organizational structure, marketing strategies
and SWOT analysis of Crescent Textile Mills Ltd.
Crescent textile mills limited a leading organization in textile sector was assigned
to me for internship. This report is about my experience and knowledge, which I
have gained during my internship program. In this report I have made a humble
attempt to express most efficiently and effectively what I experienced and observe
at CTM. I think that this report will be really helpful for those who want to know
about CTM.AcknowledgementCountless thanks to almighty Allah, the lord of the whole universe and the greatest force behind my success in my life. I also pay my heartily toHazrat Muhammad (Peace Be Upon Him) whose whole life is marvel and model of any person belonging to any walk of life.
I feel great pleasure and honor to express my Heartiest gratitude and deep sense of
obligation to my supervisor professor -----------------------for his keen interest
skillful guidance, enlightened views, unfailing patience, mastery advice, inspire
attitude and valuable suggestions for the accomplishment of present study. In fact
it was not possible to bring this work to fruitful conclusion with out his day and
night persuasive and sincere efforts.
I pay my gratitude to all other respected teachers at institute of management
sciences, Bahauddin Zakariya University,Multan. Especially Director of the
department “Dr. Muhammad Zafar Ullah”, who is an ideal personality and it is a
great blessing of Allah that we have the opportunity to learn from him.I am highly indebted to “-------------------“ who provide me useful information during the internship program.
I am grateful to those who have directly and indirectly contributed towards the
preparation of this assignment.
Finally I would like to thanks to my adoring parents, for their day and night
prayers, sacrifices, encouragement, moral and financial support through out the
course of study.Company Profile
Crescent Textile Mills is a Faisalabad based textile unit. The company was listed at stock exchange in 1951. Crescent Textile Mills is engaged in the business of textile manufacturing of spinning, weaving, dyeing, bleaching, printing, made ups and otherwise dealing in yarn and fabrics.
Flagship of large crescent group, CTM’s main area of business is in textile. As a
composite unit having ISO-9002 certification on 1997, which is engaged in
spinning, weaving, processing and is one of the largest exporters of cotton yarn
in Pakistan. The pioneer of Crescent Textile Mills was Mian Muhammad Shafi,
who belonged to Chinyot. Crescent Textile Mills started as a weaving unit with
500 semi auto looms. Now the present picture of Crescent Textile Mills is that it is
the one of the largest textile units in Pakistan.
Now Crescent Textile Mills has seven independent complete units of spinning, 184
weaving sulzer looms, one separate unit of towel & one complete unit of garments.
Crescent Textile Mills has one of the largest textile-processing units with a
capacity of 2.5 million meters fabric monthly.
The electricity consumed by Crescent Textile Mills is produced by its own power
station located within the boundary of Crescent Textile Mills. All spinning,
weaving, towel, processing and garment units are located within the same
boundary.The total no of employees are more than 5000 from which 2000employees are staff and on permanent basis. Factory runs complete 24hrs a day and employees work in three-day and night shifts of 8 hours.
Crescent Textile Mills was established in 1951 as a private limited company.
Crescent Textile Mills was converted into a public limited company in 1958. The
crescent group effectively controls the company. In the context of Pakistan,
Crescent Textile Mills stands out for the composite nature of its activities. Superior
quality standards with ISO 9002 certificate management is committed to expand
into the higher value added areas of industry.
Crescent Textile Mills is playing a vital role in the development of Pakistanspecially by
earning a huge foreign exchange through exports. Crescent Textile Mills sells more
than 80% of its products to the foreign market. In1992-93 & 1994, the Crescent Textile
Mills was awarded the President of Pakistan Trophy for export, given to the largest
exporter from Pakistan in any category.
Historical PerspectiveThe Crescent Textile Mills Ltd was incorporated and set up in FSD as a public limited company. It is one of the fist few textile mills to be established in the country, and also the first unit of the crescent group. The Crescent Textile Mills Ltd is situated on Sargodha Road, at an area spread on 115 acres of land; and from the very inception, it had been designed as an integrated unit. It commenced its business operations in 1951 with 50316 spindles, 500 auto looms and finishing capacity of nearly 4000 meters per day. In the mid 50’s sponsor of the company decided to divert its production exclusively towards exports and became the pioneer company to have commenced export of cloths fromPakistanin 1956.With the passage of time, the company grew in stature and its sponsors became to be known as crescent family. The period up to mid 60’s was also the period of growth of the family businesses as the sponsors/ crescent family diversified their investments to more textile companies, sugar mills, jute mills, larger trading houses, shipping etc. and so the crescent family came to be known as the crescent group.As year’s road on, the Crescent Textile Mills Ltd continued to expand its exports and earned the reputation of being the leading exporter of yarn, fabric and various products in the home textile sector. The company’s prosperity broad about a better quality of life for those who worked for it. The company provides accommodation for its employees, staff and executives as well as plays grounds, parks shops, community centers, and industrial homes for their welfare. It insures that its work force is happy and their families are well cared of.In its desired to forge ahead in the competitive field of the home textile sector, the company has made investments for updating and modernizing its machinery and equipment and insures training of its employees by hiring and contracting its experts in textile for its workers for its staff.As well as sending executives to recognized institutes in the country and abroad for specialized training in management, accounting, IT and technical training. It was the first textile company to introduce quality circles even at the worker’s level and by mid 80’s had graduated to total quality management and Deming’s 14 points. It was also the first composite company in Pakistan to obtain ISO 9002 certification and has recently been certified for “ Oeko-texStandard 100”.
The main architect of the sales in the marketing of the Crescent Textile Mills Ltd has been its Chief Executive, Mr. Muhammad Anwer, who has led the company for the front. Besides been awarded every year its highest sales in yarn and cloth, the C.E has also been recognized as “ the business man of the year” twice in the year 1993,1994 and 1994,1995 by the Pakistan federation of Chamber of Commerce and industry. The company has also been awarded the president of Pakistanexport trophy for three consecutive years in the mid 90’s.For the year ending in September 2002, the company had generated export sales revenue of $60.94 million, of which clothe (beached , dyed or printed) accounted for nearly US $ 33.95 million; made ups in the textile sector accounted for US $ 14.16 million; yarn sales accounted for :Us $ 10.31 million and towel sales accounted for US $ 2.52 million.
The Crescent Textile Mills Ltd has been introduced as a public limited company
under the company’s ordinance on 1 May 1951 and has quoted on the stock
exchange. Crescent energy and SAC are fully owned subsidies of the Crescent
Textile Mills Ltd. The share break down of the Crescent Textile Mills Ltd is:Crescent family and group companies 51.57%Public and foreign institution 48.43 %List of board of directors is shown below:Mr. Muhammad Anwer (Chairman& Chief Executive)Mr. Anjum M. SleemMr. Hamayun MazherMr. Khalid BashirMr. Muhammad ArshadMr. Nasir ShafiThe company has signed a joint venture agreement with Green Woodmills Inc. USA. To set up a composite Denim garment-manufacturing unit at Bahuman, Dist. Hafizabad under the name and style of crescent green wood limited.
THE CRESCENT GROUP
The Crescent Textile Mills is a part of Crescent group. Which has established
about 30 companies in various part of the country. The major sector of the group is
an under.
Listed Companies:
Crescent textile mills limited
Crescent Knitwear limited
Crescent sugar mill & distillery limited
Shakargani mills limited
Crescent boards limited
Crescent investment bank limited
Shams textile mills limited
Elite textile mills limited
Crescent jute products limited
Crescent leasing corporation limited
Crescent steel and allied products limited
Jubilee spinning and weaving mills limited
Pakistan industrial leasing corporation limited
Premier insurance Co. of Pakistan limited
Unlisted Companies:
Shams food products Limited
Crescent ventures International Limited
Crescent Bahuman Limited
Crescent greenwood energy Limited
Crescent energy Limited
Crescent powertec Limited
Private Limited Companies:
Crescent group engineering (pvt.) Limited
Crescent (pvt.) LimitedS
Crescent software products (pvt.) Limited
Riaz and company (1962) (pvt.) Limited
Jhang electric supply corporation (pvt.) Limited
Crescent business management (pvt.) Limited
Cresent group (pvt.) Limited
Crescent group services (pvt.) Limited
Elite energy (pvt.) Limited
Juiblee energy (pvt.) LimitedMISSIONSTATEMENT
Mission of Crescent Textile Mills
Mission of Crescent Textile Mills is “To produce superior quality products
to face competition in the international market and to train the staff at the world-
class level to enhance the maximum shareholders value”
CORPORATE OBJECTIVES
CORPORATE OBJECTIVESFollowing are some main objectives of Crescent Textile Mills:
To arrange timely production and maintain quality goods for entire
satisfaction of the customers
To make Crescent Textile Mills a first choice for the foreign customers by
improving its quality and services.
To extend exports all over the world through better services.
To establish and develop excellent working environment in the departments.
Computerization
Incline a sense of civic responsibility in the staff members
To achieve company’s objectives
Implementation of ISO-9002 standards
To provide the employees a friendly atmosphere to increase their
commitment and loyalty towards their organization.
MANAGERIAL
&
MARKETING
STRATEGIES OF
CTM
Managerial Strategy Of C T MAs it’s major competitors are in the country as well as in the foreign markets,
while concerning with the countrywide competitors, there are major competitors like Nishat Textile Mills Limited, Kohinoor, Gul Ahmed,M.Farooq, Chenabtextile mills limited, A.M textile mills limited along with major competitors in European market.
There is strictly needed a strategic focus to face the present intense competitive
situation. The market for textile products is becoming more competitive every year.
The customers are emphasizing on quality over all other thing and can easily search
the most cost-effective supplier anywhere in the world. Keeping this in mind,
Crescent Textile Mill’s focus has been on meeting its customer’s demands and
requirements, improving its competitiveness, increasing productivity, and enhancing
its existing quality control systems. So it has emphasized on the implementation of
the developed strategies.Every element of cost and quality is continually scrutinized and measured
according to worldwide standards. Each unit is independently analyzed as a cost center to make cuts wherever and wherever possible. The Quality Assurance department has been further strengthened with the addition of trained staff and state-of- the –art equipment.
Marketing strategy of C T MAlthough it may be the duty of the government to ensure availability of cotton at a reasonable price, it is the exclusive responsibility of Crescent Textile Mills to
implement the total quality management concept. If units are able to minimize wastage, optimize cost of production, improve quality standards, ensure product diversification and learn to market the finished products, no country can compete with Pakistan.Taiwan, Hong Kong, Korea, Japan, Bangladesh are the large manufacturers and exporters of value added textile products, but are dependent on Pakistan and other countries for their requirements of cotton, cotton yarn and fabric. Their edge is in finishing good quality fabric; producing attractively designed garments maintaining quality standards and abide by delivery commitments. These countries also follow different marketing strategies, while the Pakistani manufacturers first produce a product and then try to locate a customer; other countries produce what the importers demand.Not only this, buyers are often willing to pay a premium for odd specifications, short delivery time or immediate commencement of shipments of small lots, extra care in meeting specification and better quality standards, using better quality package which may not cost as much as the premium offered.
Lately, the manufacturers of yarn having pragmatic thinking and realizing
the tough completion have started producing dyed cones. They have not only
tabbed a new market segment but also get better return. Isn’t it not innovative
marketing?Crescent Textile Mills have to realize the harsh reality that the days of cheap
domestic cotton are over, the import of textile products is being gradually open and quota regime will be phased out gradually. They know their capabilities as well as shortcomings, products they can produce and the products the foreign buyers demand, we have to plan today how would they market their products is the days to come.MARKETINGACTIVITIESSupply and trade information
Raw cotton is purchased directly from ginning factories or import on cash
payment basis, the company carries around 6 month’s supply of raw cotton at time.
The buffer stock for raw cotton is 25-30 days during lean months. Purchasing
usually starts at the beginning of the season and the company emphasis on
acquisition of the best possible quality of cotton each year. Cotton purchasing for
on season lasts for about 4-5 months. But during last 2 years purchase process
continued throughout the year.
Spare parts and dyes, chemical etc are imported. Dyes and packing materials are purchased locally. The credit period for local purchases is 45 days and 15 days on dyes and packing material respectively. Polyester fiber is purchased from local manufacturer of 120-150 days basis, from ICI Pakistan Limited.Distribution and selecting terms
The company exports are the major portion of both its yarn as well as cloth
production. In the local market yarn is sold directly to brokers who in turn sell it to
other mills for further processing. Grey fabric is sold on cash basis. Local sales
account for 25% of total turnover and are made on cash/credit basis.Managing marketing information
Marketing consist of people, equipment and procedures to get, sort, analyze, evaluate and distribute needed timely and accurate information.Internal record systems
The basic information system used by marketing managers is the internal record system. It includes order to payment cycle, sales reporting system prices, inventory level etc. By receiving theseinformations, managers can spot important opportunities and problems.The Crescent Textile Mills is maintaining its internal records by keeping order to payment cycle. In this system sales/marketing department keep order up-date total order quantity, balance quantity etc. excise deptt. Prepared invoice under the instruction of sales dept and goods are sent to their respective orders by special delivery.Every firm has maintain its marketing intelligence system for the feed back from customers and agents etc that what has been happening in the market.
Marketing intelligence system is a set of procedures and sources used by managers
to obtain their every day information about pertinent development on the
marketing environment. The production staffs of Crescent Textile Mills visit the
end users for gathering information about their product results and they visit to
end-user to solve their problems.Marketing research systems
Every manager is required to conduct marketing research, formal research on specific problems and opportunities; they conduct a market survey and product preference test and a sales forecast.Market demandCrescent Textile Mills measures demand by adopting the following method:
Sales representative/agent collect data of total yarn demand.
Specific demands of particular count are determined and calculate the
number of users of said product is calculated.Then total demand is calculated and Crescent Textile Mills plans to get maximum share from the market demand.\
Marketing Mix
Marketing mix is the marketing task that the firms are to be required its objective
in the target market. The marketing mix consists of every thing the firm can do to
influence the demand for its product.
The many possibilities can be collected into four groups of variables known as the
“4p’s”.
1- Product
2- Price
3- Place
4- Promotion
Product
Crescent textile mill produces yarn, gray cloth and high quality fabric. Their
products play an important role in the building the goodwill of the CTM.
CTM exports more than 80% of its products and remaining they sell in the local
market. Main products of CTM are yarn; Gray-cloth, bed sheet and fabric etc. all
the products are produce according to the requirement of customer order. CTM
Ltd. Also has the distinction of being the only private sector company in the textile
sector, which has entered in to the partnership with UCHINO, produce and export
towels.
The main products of CTM are as follow:
Yarn products
Fabric products
YARN PRODUCTS
Two types of yarn products
1- Cotton Yarn
2- Poly-cotton Yarn
1)- Cotton Yarn
20/1 also called 20 single
24/1
30/1
40/1
Some of them are carded and some of them combed.
2)- Poly-cotton Yarn
21/1 blended ratio 76:24
30/1 blended ratio 68:32
FABRIC PRODUCTS
They can also be distinguished under two heads:
1-Gray Fabric or Cora
2-Other Fabric (processed)
1)- Gray Fabric or Cora
20*20/60*60
30*30/76*68
40*40/100*80
12*10/60*60
22*22/60*60
24*24/68*63
2)- Other Fabric (processed)
Printed Fabric
Dyed Fabric
Bleached fabric or white
STITCHED ITEMS / MADE UPS
Other finished products of CTM are as follow:
Bed Leering
Home Furnished Products
Bed Sheets
Quilt Set
Kitchen Knap Kin
Kitchen Towel
Kitchen Apron
Blanket Cover
Duvet Cover
Curtain
PRICING
Pricing is the amount of money that customer have to pay to obtain the product.
The price policy of the company should be in such a way that it should produce a
reasonable profit for the company and satisfy the customer.
There are two types of costs:
Fixed cost
Variable cost
1- Fixed cost
Fixed cost is the costs, which remain always same whether, are produce large
quantity. Therefore, companies always try to use there full capacity of production
because with increase in production the fixed cost decreases.
2- Variable cost
Per unit variable cost rises as the quantity produced decreases. Following factors
are included in variable cost:
Dyes and Chemicals
Transportation
Cost of material
Strategies In Price Fixing
There are two types of price fixing strategies
Directly to customer
Indirectly to customer
1- Directly to customer
If they sell their product directly to the customer then they fix price in such a way
Fixed cost + Variable cost + Desired profit
2- Indirectly to customer
If company sells their products indirectly then they fix price in such a way
Fixed cost+ Variable cost + Desired profit + Middle man’s commission
In this case the profit margin depends upon the quality and condition of the market.
If the market is new then the price will be new to attract the customers and
compete the existing competitors.
PRICING PROCEDURES
1-Pricing Procedure For The Local or National Market
CTM sells more then 80% of its products in the foreign market. They sell only
extra quality left from the foreign order or defected product in the local market.
They call the tenders when they want to sell the product in the local market. They
sell to that person whose tender price will be high. Sometimes CTM sells on its
products at cut-price. Because, when some extra quantity is from the foreign order
they sell at cut price because, they have already charged their cost from the foreign
customer.
2-Pricing Procedure For The International Market
Pricing procedure of CTM for export is different from the local procedure. They
keep in mind certain factors before changing the price in foreign market. When any
customer wants to purchase the products, after negotiation they fix the price.
Because, there are certain other factors are also included with fixed cost. The
important factors are quality of.
Pricing procedure for exportCrescent Textile Mills has following procedure for exports
Inquiry
Customer inquiries are received from telex, fax and letter. They are directly sent
for approval to CE and after approval sent to concerned department.
Costing
Costing sheets are prepared for CE is approval. In the absence of CE, department
in charge approves price. If both are not available then section in charge is allowed
to quote the price.
Approval
CE gives the approval or may give other price to be offered.Contract review & check sheetSection in charge takes following steps before issuing a contract:
Prepare contract review check sheet
The requirements are adequately defined and involvement’s of production
areas.
In house/out side have the capability to meet the order requirements.After getting approval of costing and review of customer requirements, prices are quoted to customer for confirmation. After confirmation of prices by customer, sales contract is issued to the customer with complete detail of construction, width/size, price, quantity, delivery, payment terms etc. and the cloth order is sent to relevant department.
Purchase orderPurchase indent folder are received from customer pertaining to different contract booked sectional in charge check and see any discrepancy of the contract if any is found, then it is come to the knowledge of the customers for amendment.
Grey demandGrey demand placed to the following department
To export sales section for new order or revision
To production planning and coordination (PPC) they are coordination
between export and processing department.
The stock management for updating stock position
Inspection Grey cloth for issuance of Grey to processing
Strike off preparation & approvalCustomer sends their designs either as on art paper; as paper sketch or fabric cutting. From these cuttings the strike off is made.
AssortmentOnce customer is satisfied with strike off, the order quantity is assorted with design.
Letter of creditL/C is established and after receipt of L/C these are checked with regard of ordered goods by the sectional in charge and discrepancies in L/C are noted and the customer is informed for amendment.
Dispatch o f goodsDispatch able goods detail along with samples received from folding department. Each section verifies quantity of goods to be dispatched, they intimate to S &D section to dispatch goods.
ShipmentShipment & dispatch is responsible for all documentation and shipment of goods by air and sea.ISO department prepared management information system report.
Customer complaintsAfter receiving the goods if customer found any defect, he complaints the same to the concerned department in charge. Sometimes sent the defective sample for review.
Place / Distribution
CTM exports more then 80% of its products. They are using two types of channels
of distribution in export their products.
Direct Channel
CTM Customer
Indirect Channel
CTM Middle man (agent) Customers
As most of the products of CTM are exported, so they use the different modes of
transportation to transfer the product from CTM to the customer country.
Mostly CTM exports its products through ships. There are other modes of
transport also being use:
Trucking Companies
Airlines Companies
Shipping Companies
CTM exports its products to all over the world but the major countries are as
follow:
U.K
U.S.A
Japan
Canada
Australia
Germany
Holland
U.A.E
Srilanka
Egypt
Malaysia
Promotional Strategies
The CTM has not any promotion point its products. Because the demand of their
products in the world is very high. We can easily judge them from their work. Our
export figure is varying high as compare to any individual company.
Sources Of Communication
CTM uses following sources of communication
Textile exhibition
Personal visit to the customer
Customer visit to the CTM
Fax, Telephone, Mail, e-mail etc\
Quality policy of the company is as under
It is the policy of CTM to provide products and services that consistently meet the
expectations of our customers. Encourage total employee involvement in the
never-ending effort to improve the quality of our products and services.
All employees are responsible for the quality of their own work. All have the
authority to initiate action to prevent the occurrence of product nonconformity.
Managers at all levels in the organization are responsible for quality improvement
activities within respective areas.
Top management will provide leadership and direction of achieving quality
improvement by interpreting policy, recommending strategies, organizing
resources, and assisting managers in the development and implementations plans.
Quality Objectives
The quality objectives of CTM are as follow:
To maintain the implemented ISO 9002 quality management system
To have a strong quality check at all stages of production thus paying a
way to have a better overall quality of the product and reducing overall
rejection.
To achieve the sales target.
To improve the delivery system and to eventually achieve 100% on time
delivery.
DEPARTMENTS
Marketing DepartmentMarketing department of CTM for the execution of orders as well as marketing of the products in foreign countries. The main objective of the department is to
generate the export business with quality products and better services as well as to provide efficient after sales services.Division Of Marketing DepartmentMarketing department of CTM has two divisions as following
Export Sale Local Sale
Now a day, export sale &local sale departments are under logistics but work coordination of export marketing.EXPORT DEPARTMENTCTM has major business of exports, round about 80% of total sales are from exports. As export market of CTM is divided geographically into four segments, so to deal each sagment a separate group op person is allocated who are responsible for all the orders of that specific territory /sagment.
Export Asia Africa (EAA) Export U.S.A & Canada (EUC) Export Yarn &Towel (yet) Export Europe & Cyprus (EEC)
The process of flow of work in these sections of export departments is same, so I have explained generally the process and functions of export department.
The export department is situated within the finance department. There are a lot of
workers, which perform different functions.
ObjectivesFollowing are objectives of export department:
To survive in the world market
To earn foreign exchange for the development of the country.
Increase export for the growth of the company and the country.
To increase exports for the sake to obtain incentives and privileges of excise
and taxation
Increase exports for obtaining the optimum reputation in the foreign markets
To get the self-reliance and prosperity level of the company.
Functions of export departmentFollowing are the main functions of export department
Getting orders from aboard
Costing
Making contracts
Order completion one per sample
Delivery of goods
PROCESS
Work in export is divided into four sections geographically for proper distribution
and handling of work. Following is the brief process for all sections of export
departments.
Finding Of Customers
General manager marketing and manager marketing of CTM makes contact with
the potential buyers through e-mail, telephone, faxes to get orders.
Similarly marketing manager along with the Chief Executive attend different
international trades fairs and present their products to get the buyer attention and
order.
Making Contracts
Marketing department of CTM takes following steps to make a contract with the
buyer:1)- Inquiry
Customer’s inquiries are received via telex, letters, e-mails or during meeting with
the customers. Inquiry documents are directly sent to CEO for review and
comments; if any absence of CEO, the inquiry documents are send to the GMM for
review. After CEO review, these are sent to the department incharge who after
reviewing distributes these documents to the relevant staff looking concerned
marker segments.2)- Feasibility and Availability Of GoodsConcerned sectional incharg reviews the customer’s requirements completely before quoting price to customers and ensure that:
The requirements are adequately defined
Mill has capability to meet the customers desire or requirements.
Conformation of raw material in house / from outside.
3)- Costing The Approvals After conformation inside / outside, sectional incharge prepare costing sheet of department incharge review and approval of CEO / GMM.
CEO / GMM gives acceptable price or may suggest new price on costing sheet. In absence of CEO / GMM gives acceptance. if both are not available then the department incharge is authorized too.4)- Quote Price Offer To The Customer
After getting the approval of costing and review of customer requirements, price is
quoted to the customer for conformation.5)- Customer Approval
Customer accepts offer or may reject, if reject then the costing sheet again repaired
and the approval procedure repeated.6)- Contract Review And Issue
After reviewing the confirmation or purchase order, concern staff issues contract
after complete review and note it in export order register.7)- Amendment To ContractOnce the contract is established for quality, quantity, price and delivery. Any request from the customer for change in assortment of design or increase / decrease in quantity resets, i/c terms, price and delivery.Customer may ask for any of the following changes.
L/c terms
Quality increase / decrease
Assortment of design
Color ways
Shipment schedule
8)- Review Activity
After receiving the amendments by customers, possibility of amendments is
reviewed of it is not possible then regret with the customer. Other wise impact of
changes in price, delivery communicated to the customer and its copy is retained in
the file for future references. The amendments copy with regards to quality
assortments, shipping or packing instructions and shipment schedule is send to the
department for implementation and follows ups.
9)- Checking Artwork After finalizing the contract and making entry in export order register, now concerns A.M receives art work for the customer for processing the clothes per customer’s desire.
Artwork contains no of colors and designed used for the final cloth and also the
packing, labeling and stitching instructions as well as telling about the sample size.10)- Making Strike Off When A.M receives artwork then he gives instructions to the concerned production staff to prepare strike off (sample) as per artwork send by customer.After completion of strike off, these are checked by concerned A.M and are delivered to the customer after the final approval, so the production on large scale can be started.If the customer approves the sample the export staff order of large production. Other wise they only receive the cost incurred on the preparation of the strike off.
Instructions To All Concerned Areas
Now the concerned A.M of export department send instruction to all the concerned
areas through proper documents, e-mails and all the available sources for the
completion and delivery of orders.
These functional areas are following:
PPC (planning, production and control)
ES (export sales)
Production department (spinning, weaving, processing, garments and
folding)
S&D (shipment and documentation)
EF (export finance)
Planning, Production & Control
Functions:
Stock update
Arrangement of fabric and yarn
Follow-ups for order completion
Checking and update the stock
When export department gives instructions for large productions for all
functional areas including PPC.
Now the duty of PPC is to check the surplus stock available ingodowns. If the
gray cloth or yarn required for the completion of order is present, then PPC
gives instructions and supply material to the concerned department to complete
the period with in specified period and after providing material stock is updated
in the daily stock reports.
Instructions to grey procurement department
If the yarn or grey cloth is not available in the godowns then PPC has the duty
to inform export sales department to arrange grey cloth for the completion of
order within specified period through e-mail and proper documentation. One
copy of that is kept for the future references.
Maintaing record of machines
PPC also maintain report that shows daily record or orders, which are being
processed on all available machines in spinning, weaving, garments department
and also records of machines which are busy and which needs orders.
Follows-up and order completion
The PPC department is responsible to get orders completed from the concerned
production department with in specified time, so they make continuous follow-
ups in the production department to get order accomplished and after ward they
inform the export department about the completion of orders.
EXPORT SALES DEPARTMENT
Functions
Arrangement of grey cloth and yarn for the export orders.
Demand
When the grey procurement department receives demand from PPC to purchase
grey cloth or yarn, now it is their responsibility to arrange required quality and
construction of cloth. So they adopt three ways:
Purchase of grey cloth from the local manufactures
Providing own yarn and manufacturing grey from outsider with that
yarn.
Using CTM own grey and yarn.
Entry in register and computer
After receiving demand grey procurement department enters the demand in to
the register and computer and 1 copy of these reports send to the CEO
Contract with local parties
Now production department contract with the different mills to provide them
required construction of grey cloth either with their yarn or yarn provided by
CTM.
If the party agrees to take yarn from CTM and ready to make cloth with that
yarn on their machines that is a power loom or auto looms then a contract is
finalized after setting a suitable price with the approval of CEO.
Following are the some parties
Sac textile
Tanvir gull textile
Manzoor textile
Quotation
As the primary purpose of export sales is to manufacture the fabric from
subcontractors at conversion rate by providing the yarn from mills or outside.
These conversion rates and per meter yarn weight provided by the mills are
quoted by the party to get business. At the offer of export sales department, the
vendor and subcontractors send their quotation to export sales. The offers are
made to those vendors that are already working with CTM.
Comparative report
After receiving of quotation the comparative report is made and sent to CEO for
approval. In that report all the comparison is made subcontractors according to
the rate offered by them.
Price Approval
CEO gives the price approval at the quotation of vendor or subcontractor. If the
price quotation is rejected it is negotiated with party again and revised quotation
is send to CEO for approval.
Contract Issue
After the price approval by CEO, a contract is made including all the terms and
conditions settled with party. The contract contains the name of party, the date
of issuing the contract, quantity and quality of fabric, counts and number of
bags of yarn. Per meter weight in lbs of yarn. Yarn conversion rate and the
delivery rates of fabric.
The Yarn Issued To Party
This procedure takes place when exports sales section provides the yarn to the
party / contractor for construction of cloth. The expected yarn is calculated in
order to make a specific quality and quantity. After that a dispatched schedule is
prepared in order to provide the yarn to the party for making the grey cloth. The
delivery of yarn to the party is made according to the dispatch schedule. The
finished grey cloth delivery is also set with the party according to the export
requirements.
Maintaing record
When a contract is finalized then production department is responsible to
maintain record of yarn, which is supplied to the parties and grey cloth, is
received against that yarn from these parties. Similarly it also maintain the
record of CTM yarn and grey delivery to PPC department. For this purpose the
production department updates two reports daily and submit them to CEO.
Balance to book report
Uncovered goods report
Arrival Of Finished Grey Cloth
The goods arrive from party according to the delivery schedule. The goods are
sent to mills grey cloth godowns.
Inspection report to export sales section
After receiving the cloth in grey cloth godowns its inspection is made and
inspection report is prepared. On the basis of inspection report the cloth status
report is prepared. The report is in triplicate form and sent to export sales
department. One copy is send to party and other is sent to the sales account and
third is retained to the office record. The quantity of grey cloth is entered in
party wise register according to the inspection report.
Rejected goods to party
The rejected goods are returned back to the party. The rejected grey cloth is
bought from the party only after the approval of CEO at reduced rates as
compared to normal rates. Rejected grey cloth is used in printing.
Orders booked by the customers considering for end use. The rejection can also
be sold in the local market.
Bills from Party
Bills are received from the party against manufacturing or purchasing of grey
cloth. The quality, quantity and the width verified in view the contract made
with party by export sales department. Verification of the bills is made through
the records (that records is maintained in party wise register and relevant files).
After verification the bills are sent to sales account department for payment.
Payment
The payment is made after the approval of CEO in the form ofcheques.
The cheques are issued in favor of party against the execution of contract.
Export documentation
In the modern world all countries whether developed or under developed are pre-
occupied with problems of selling merchandises in foreign countries. When goods
are exported a number of documents are to be prepared unless the overseas trade is
properly documented, the exporter cannot receive payment and the importer cannot
make it.The major documents involved in the export process or in the foreign trade are:
Invoice/indent
Letter of credit
Transportation documentation
Packing list
Certificate of origin
Certificate of inspection
Procedure list
Form ‘E’
Bill of exchangeBefore going into elaboration of these documentations, one must know all about them. No person can export any goods until he is registered as an exporter with Director general of Export Promotion Bureau.
Invoice/indentA commercial invoice is a commercial document by which the seller charges the goods to the buyer. The in formations, which this document provides to the exporter and the importer, are as follows:
Date
Invoice number
Name and address of the buyer and the seller
Order/contract number, description of the goods, quality, unit price and the
total amount of goods exported
Terms and conditions of the payments
Shipment details
Certification on the invoice
Letter of creditThe terms of letter of credit is defined as:“The confidence of man in man”
In financial and commercial transactions this confidence is displayed by the
willingness of a creditor to grant to a debtor time for payment of the debt either on
the oral or written assurance of the letter that such payment will be duly effected.The procedure and the parties involved in the letter of credit are as follows:
Buyer
Opening bank
Advising and negotiating bank
Shipper/Beneficiary
Contract of sales
Transportation document
International trade involves the movement of goods from the warehouse of the
exporter to the warehouse of importer. There are several modes of transporting
goods and several types of documents involved in transportation process
Mode Carrier Transportation document
By sea Shipping Co. Bill of lading
By air Airline Co Air way bill
By post Postal Services Post parcel receipt
By rail Railway service Railway
By road Trucking Co Road way billThe transportation documents is the most important document because it is the evidence the goods are being transported and it enables the importer to obtain the delivery of the goods in due course.Transportation document can be classified into two main types, which are as follows:
Negotiable documentThese are the documents whose title can be transferred from one person to another person. The delivery of goods can be made to the final or existing holder of the document.These include bill of lading, railway receipts etc.
Non-negotiable instrumentsThese are the documents where the title of the goods in not transferable. The delivery of the goods is only made on the names of the consignee on identification.
Parties & documentation involved in export
The carrierThe firm, company or authority engaged in the business of the transportation the goods, such as steam Ship Company, airline comp etc.
The shipperThe seller of the goods who wants to export his goods from his country to another country is called shipper.
The consigneeThe consignee is one to whom are the goods are to be exported. It may be an international bank or the buyer himself.
Certificate of originIt is a signed statement providing evidence of the origin of the goods. These are often required by the authorities in the importing countries in order to satisfy themselves that the goods originates from a country from which imports are permitted or to support a claim for the professional import duty.
Packing listIt is a document, which lists each package and shows the contents of each package including in particular shipment.The following are the important features of packing list document:
It must list each package by number
It must show the contents of each package
It usually shows the weight and measurement of each package.
Form E
It is a document issued by the exporter bank on a written request signed by the
authorized signatory. Through form E State Bank of Pakistan exercises absolute
control over export process.
Form E will be issued the following by beneficiary bank:
Known customers
Regular exporter
Regular customer but exporting first time
Bills of exchange
Bills of exchange is legally defined as,” An unconditional order in writing,
addressed by person to another, signed by the person giving it, requiring the person
to; whom it is addressed to pay on demand or at a fix or determinable future time
as uncertain in a money or to the order of a specified person, or to the bearer.
Submission to export finance
After competition of these entire documents before the mentioned date, these
documents are finally checked in the S&D department. And are handed over the
export finance department to submit them in the bank, which send them to the
buyer bank and finally the documents are received by the buyers.
Quota management
This is also a separate section with in shipping and documentation department,
which is responsible to manage the purchase and sales of textile quota.
Textile quota is a restriction from certain countries like USA, and some European
countries like turkey. Pakistan can not export more then that fixed limits in these
quota countries.
This quota is distributed in different textile organizations including CTM through
textile associations like APTMA on the basis of yearly performance.
The quota section in S&D department of CTM perform following functions.
Keeps the country wise record of total quota available to the year to the
CTM.
Updating the record that how much quota is used and how much is
remaining.
If there is excess of quota for the year then they sell it to the other
exporters.
If there is need for more quotas then they purchase from different
exporters and associations like APTMA.
Finance department
This is the major department of the company. Finance department is located
with the factory. It prepares different kinds of financial reports and gives
information to management for decision-making purposes.
Finance department prepares the Income statements, Balance sheet, Trail balance,
Cash flows, Production report for the whole month, stock taking report yield
comparison report etc. these all reports are helpful for the management to make
production plan, financing decisions and other important matters. The head of the
department in finance manager. He is a chartered accountant.
Function of finance department
Following are the main functions of finance department
1. To prepare monthly and half-yearly reports
2. To keep the record of inventory and stock
3. To maintain a liquid position
4. To maintain adequate cash to run the operations of business
5. To reconcile the bank statements
6. To make payments to the suppliers
7. To maintain debt and credit balances of the customers
8. To deal with the sales tax and income tax departments
9. Preparations of vouchers
10. Prepare profit and loss accounts & income statements
11. Keep record for the payment of salaries
Components of finance department
Finance department consists of the following sections:
Payable, Contractors, Misc.
Bank negotiation & reconciliation
Right share
Store costing
Sales account costing
Excise
Audit
Payables, contractors, misc.
In this section usually payables are paid to the suppliers of all goods including
stationary, maintenance goods, cement etc. payable is made according to the
contract and according to the instructions of the CEO. Bill of the supplier,
inspection & receipt note, store purchase. Journal voucher is received after
inspection by store dept to this section and then bill is paid according to the due
date.
Bank negotiation & reconciliation
This department starts working when documents reach back to Faisalabad office.
Documents are recorded in document receipt register and in bank register.
Payments are received by two methods:
L/C = Sight, CDA, 120 days, 90 days
Contract = Bill of exchange
If payment is required as according to L/C or contract without factoring then
bank charges the service charges and make payments on the due date. If post
shipment payment is required then bank works as a factor and makes payments
after deduction of mark-up.
A report is given to the G.M finance, on daily basis about the customer and
payment date. He makes decision either to grant discount to him or not.
Right share
Right share are issued when there is a need of long-term financing. The
directors in the Board of directors meetings issue right shares. These are
announced in the newspapers, stock exchange and letters are issued to authorized
banks for collection of money. Foreign investors are called Non-Resident and
special letters are issued to non-resident shares holders to inform about right share
issuance. State Bank of Pakistan approves the issuance of right shares to the non-
residents.
Dividend
Dividend is decided in the board of directors meeting and percentage is decided on
each share. Crescent Textile Mills posts dividends warrants to share holders at their
home addresses. In reply, shareholders apply for dividends. Checks are issued to
the shareholders after checking their records in register.
Store costing
Inspection receipt note, the store costing section receives bill of the related.
There are checked against purchased order and Performa invoice in terms of
quantity, specification, price etc. After this, a bank payment voucher is prepared
and sent to payable section, which issue the checks to the related party and posted
in the ledger.
For import when advice from bank is received the work of store costing starts. It is
recorded in L/C ledger with all expenses and the arrival of Bill of Lading. It is also
recorded in ledger and payment is made to the exporter through bank.
Excise
Excise section deals with the outgoing products for issuance of Gate pass. The
working of excise section starts after sale; when a loading program is received
from export sale & local sale processing. According to that program, gate pass are
prepared and issued to the god own keeper. After issuing Gate pass, its details are
recorded in the register and then sale invoices are prepared in which actual value
and sales tax value is mentioned.
Audit
The internal audit section performs three types of audit:
1. Pre-audit
2. Post-audit
3. Physical verification
Pre audit deals with the local purchase, TA/DA, utility bills, while post audit
deals with L/C, cotton purchase, dry port, civil works etc.
The working of audit section starts from the receptions of voucher/checks, L/C;
ledger after this pre/post audit is started. At the completion of audit it is
installed and stamped and returned to finance and account department.
Vouchers
Store purchase Journal voucher
It is a voucher, which is used to record the store purchases.
Bank payment voucher
It is the voucher, which is used to record the payments, which are made through
the bank.
Bank voucher
The bank uses thin voucher to record the amount from the credit advice, which is
issued.
Journal voucher
It is issued to record the entry in the books of account.
Sales journal voucher
It is used to record the sales & sales tax.
Cash payment voucher
It is used to pay the amount in cash
Head office cash receipt
This receipt is used to record the proceeds of sales
Bank receipt
When cash or check are deposited for credit to Crescent Textile Mill’s account, the
bank issue a credit advice and that is attached with the voucher.
EXPORT DEPARTMENT
Purchase department
The department is located within the factory. There are eight employees working in
the purchase department.
The decision of the purchase of raw material is med by the top management or
when any new machinery or plant is to be acquired. At the time of the cultivation
of the cotton crop, the decision is made with considering the other factors like
requirement, price, quality etc that how much we should purchase and from whom
we should purchase and through what sources we can finance this purchase. So in
this regard, the Chairman with the consultation of the Mill Manager, General
Manager Finance and Technical Manager make the bulk orders.
The finance division helps them in this regard to arrange eh funds. So in this
regard, the select the bank that provide financing facility at lower rate of interest.
As far as the purchase of raw material is concerned, the purchased
department fully contributed its efforts in this regard. Whenever any section of the
mills or he head office requires any thing they make and purchase indent to the
purchase department. At mill, the storekeeper made this indent, on the other hand
of the required thing is available with him, he makes the delivery to that section.
When the supplier dispatches the goods to the mill, a dispatch advice is made by
the department t other store keeper that the items is dispatched to you. At mill, an
inward gate pass is made and the items sent to the store where the storekeeper
prepares goods receipt note after inspecting the items and this GRN one copy is
sent to the purchase office and one copy is sent to the account s office.
Function of purchase department
Following are functions of purchase department:
o Provide link between the workers and management
o Ensure the implementation of the rule and regulations of the company
o Inquires of the complaints against the workers
o To solve the problems and grievances of the workers.
Main store
The store plays very important role in any kind of manufacturing organization.
Here we are discussing the objectives and functions of the store in any
manufacturing organization.Objectives
Following are the main objectives of any store in the manufacturing organization.
o Planning for arranging the demand
o Provide different demanded items to the different departments
o Communication with the top management
Functions
Following are the main functions of the store keeper has performed in any kind of
organization:
o Collection of demand from different departments and issue material to them
o If stock is not available with it, demand sends to purchase office
o Collection of receipt of material or items purchased
o Keep the stock of items up dated
o Keep the items in the store in systematic manner
o Link with purchase office in the valuation of the items purchased
At Crescent Textile Mills there is the main store at the mill premises, which is
situated away from the production and accounts offices. There are seven men in
the store, which deal with the demand of the different people at the mill.
Time officeAt the mill premises there is a time office, which performs following functions:
Prepare the monthly wages of the workers on the basis of the basic and over
time worked
Prepare the final settlement sheet of the worker
Maintain the time register for the workers
Maintain the record of the workers
At Crescent Textile Mills, there are 12 to 15 men working in time office.
At mill premises there is a cashier, which holds the patty cash for the day to
expenditures of the factory and give wages to the workers.
At factory there is a strict security staff at the main gate which checks each and
every thing coming or going from the factory premises.
Personal activities
There is a separate personal department, which performs personal functions in
factory.
Recruitment and selection
The personal department helps the upper level management in selecting
employees. Vacancies are filled on the basis o experience, competency and
capacity.
Sources of recruitment
Internal sources
If some vacancies are vacant and some junior person fulfills the condition then he
is promoted to that seat.
External source
There are following methods of external sources:
Employee referrals
Some jobs are fulfilled through the reference of the employees already working in
the Crescent Textile Mills.
Unsolicited application
Some times vacancies are filled by choosing among the persons who have send the
applications for the job.
Advertising
If there is any vacancy, an add is placed in the newspaper for that job.
Office working hours
8.30 A.M TO 1 PM
1 PM TO 2.30 Lunch Break
2.30 PM TO 5 PM
HOLIDAY: SUNDAY
LABOUR TIMING
7 AM TO 12 PM
12 PM TO 12.30 PM Lunch Break
12.30 PM TO 4 PM
Retirement age
The employee is retired at the age of 58
Training and development
Training is mean through which a man learns how to do work and how one can
increase one’s efficiency. In Crescent Textile Mills training opportunities are
available.
Job rotation
There is job rotation system in Crescent Textile Mills. In this way employees are
able to learn more about the system and procedure of the organization
Health and safety
Health facilities are available in Crescent Textile Mills for the employee whose
salary is below RS.3000
However following health and safety measures are taken in at the factory
Fire extinguishers have been hanged on the walls to be more prominent.
Incase of industrial injury, first aid is provided to the injured at the spot.
The cotton is stocked in godown to prevent from fire moisture etc.
No much woodwork has been carried inside the factory building
Benefits and facilities
Medical facility
All employees enjoy medical facilities
Workers participation fund
All the permanent employees are entitled to become a member. The company
contributes every year some amount of profit for permanent employees.
Leaves
32 leaves per annum are allowed under different categories like sick leave, causal
leaves etc.
Conveyance allowance
The top management is provided with fully maintained cars. Conveyance
allowance is provided to employees.
Traveling allowance
T.A is paid to the employees if they travel for the purpose of the business
Housing facilities
Crescent Textile Mills has set up its own housing colony where the residences are
provided to employees.
Strengths
Crescent Textile Mills is using imported machinery
It has a strong market image
The customer is aware of the name of the company
It has high financial resources
It has competent staff working for the progress of the company
It has automated system of production
Organization has friendly environment
It has certificate of ISO 9002
It has a wide range of products
It always sets new standards for quality
Its design studio is equipped with latest technology.
It has given a large quota for exports in USA and Europe
Weaknesses
Crescent Textile Mills has ignored than local market
Transit time for international market is comparatively long as compared to
India and China.
There is lack of proper training programs especially for workers. They learn
through experience and from seniors that’s the reason o f high rate of
wastage during production.
Wastage is very high especially in spinning sector
Crescent Textile Mills has no proper sale system for cotton waste and yarn
waste.
Some time delivery lates due to lack of production planning
Middle level management is de motivated due to low salary package and
promotions are held after a long period
There is no job commitment among the employees.
There is no proper criteria for performance appraisal that’s why staff in not
motivated
No measures has been taken to motivate the employees
Opportunities
As Crescent Textile Mills is ISO-9002 certified company so it has a chance
to increase & expand business all over the world.
The demand of its products is high in international market
Govt is providing rebate facility
Long term loans are easily available
Company can expand its operations easily
Anti dumping duties in European market are overdrawn, so the chance is to
increase the export as compared to last years.
Devaluation of rupee made Pakistani export more acceptable to the foreign
buyers. There is a chance to compete better now.
Govt’s pre import-export policy for cotton is also in favor of Crescent Textile
Mills.
Threats
Foreign investment in textile sector in Sri Lanka, Bangladesh and India is a
danger in future for Crescent Textile Mills
It has been seen that many other groups in Pakistan have entered in
competition with Crescent Textile Mills. If they will not be competed well,
there is a chance that they can get share of export from foreign buyers.
South Africa is thinking about to impose the anti-dumping duties on Pakistan
textile exports. If it is imposed, a reasonable export share and big market
may be lost.
There is no proper attention towards Russian market. Crescent Textile Mills
can get big orders from Russia. If attention will not be given towards this
side there is a chance that any other competitor can introduce its products in
Russia and this market can be lost.
High inflation rates hinder in competing the Indian yarn at international level.
Fluctuating prices of dollar also affect the purchase of cotton in off-season.
Due to economic crises of eastern countries, so many sales lost during last
few years, but now these countries are again on the road of progress. If the
previous customers are not properly attended, they may be last forever.
Due to military Govt in Pakistan, there is a chance for Pakistan to be declared
as a terror country. So this thing is also a threat for Crescent Textile Mills.
Competitor analysis
The business environment of Crescent Textile Mills is facing tough
competition.
Its major competitors are also inside the country as well as in the foreign markets.
While concerning with the countrywide competitors, there are major competitors
like NishatTextile Mills and there are also other major competitors in the European
markets.
The market for textile product is becoming more competitive every year. The
customer is emphasizing on quality over all other things and can easily search the
most cost effective supplier anywhere in the world. Keeping this in view, Crescent
Textile Mills focus has been on meeting its customer’s demands and requirements,
improving its competitiveness, increasing productivity and enhancing its existing
quality control systems.
Following are some findings of our report:
There are no motivating factors for the employees
Companies personal policies are not good
The performance appraisal are not carried regularly
Company is facing the main problem of textile industry crises in the country
due to floods, leaf curl virus etc.
The company is unable to use its full plant capacity, which shows that
technical staff is not up to the standards
The employees are not much aware of latest available computer programs
The management is not doing anything for the purpose of satisfying and
motivating their employees and the workers, which may lead towards the
more productivity.
Changing Govt policies are providing problems for the company exports
policies.
The short-term solvency and long term solvency of the company is better and
still acceptable, because there is still a margin of getting long-term loan.
The net profit margin in increasing since 1995 but it decreased in 1999.
Following are some suggestions
A proper training should be given to the employees and the workers to
enhance their skills to increase their productivity and ultimately of the
company.
The management should make the market survey time to time to get more
and latest information about the market factors like the price, demand,
current consumer trends etc.
As the world has become a global village, the management should have the
latest knowledge and information’s about the world because now a little
change in any corner of the world can affect your business.
The top management should give the autonomy and the flexibility to every
manage to make decisions according to the situation at any time and in the
absence of the top managers.
All the duties and responsibilities of the employees and the workers should
be clearly defined.
The computer technology should also be used in decision making as well as
in storing and feeding the data.
The company should make it possible to deliver the goods to the buyers at
the agreed time.
The company should adopt an efficient appraisal system and give rewards to
the employees who have done well.
The management should recruit right persons for the right job.
The management should be able to assess the problems before it’s occurring
so that they are able to find the ways of their solution.
The management should hire multi-skilled workers to get economy of scale.
The company should emphasize on its personnel department immediately on
emergency basis.
Long-term solvency is good but time interest ratio should also be improved.
There should be decentralization in decision-making
An effective relationship and coordination between the departments must be
there.
It should be realized to be very clear about the advantages and disadvantages
of each strategy to take effective decision about its continuity to make an
effective strategic implementation.
Crescent Textile Mills should also introduce its brands in local markets.
Company should give proper attention to deal with dead fabric and made
ups.
Conclusion
We got a lot of experience from Crescent Textile Mills. During our
internship we came to know that how the different activities take place, what are
the procedures
The Crescent Textile Mills is on the way of progress. It has been earning
profit for the last five years. The management is professionally qualified and
experienced.
The Crescent Textile Mills should motivate their employees by providing
different incentives. Their salary package is also not attractive. The performance of
the Human Resource department is also not satisfactory.
Crescent Textile Mill’s product (yarn & cloth) is of high quality. The
demand of Crescent Textile Mill’s products is increasing with the passage of time.
The company should expand its capacity as soon as possible to satisfy the demands
of their customers.
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